Disaster Relief For North Carolina

The PBGC announces in Disaster Relief Announcement 11-01 relief relating to PBGC deadlines in North Carolina. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the severe storms, tornadoes and flooding that occurred on April 16, 2011, in North Carolina. Link http://www.pbgc.gov/res/other-guidance/dr/dr11-01.html

Renewal Period for Enrolled Agents

Announcement 2011-29 reinstates the renewal period for enrolled agents whose tax indentification numbers end in 4,5, or 6. Document Excerpt This Announcement reinstates the renewal period for affected enrolled agents beginning June 1, 2011, which is thirty days after the publication of this Announcement.   Link http://www.irs.gov/pub/irs-drop/a-11-29.pdf

Public Comments Invited on 2011-2012 Guidance Priority List

The Treasury request public comments and recommendations for items to be included in its 2011-2012 Guidance Priority List. Document Excerpt The Department of Treasury and Internal Revenue Service invite public comment on recommendations for items that should be included on the 2011-2012 Guidance Priority List.   Link http://www.irs.gov/pub/irs-drop/n-11-39.pdf

Amendment to Rule Governing Payments from Terminated Single-Employer Plans

The PBGC has amended its final rule governing interest assumptions in paying benefits from a terminated single employer plan. Document Excerpt Summary: This final rule amends Pension Benefit Guaranty Corporation’s regulation on Benefits Payable in Terminated Single-Employer Plans to prescribe interest assumptions under the regulation for valuation dates in May 2011.  Link http://www.gpo.gov/fdsys/pkg/FR-2011-04-15/pdf/2011-8926.pdf

Proposed Rule Governing Reporting of Incentive-Based Compensation

The proposed rule would require the reporting of incentive-based compensation arrangements by certain financial institutions pursuant to the Dodd-Frank Act. Document Excerpt The OCC, Board, FDIC, OTS, NCUA, SEC, and FHFA (the Agencies) are proposing rules to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rule would require […]

Lump Sum Rate for May

The PBGC has issued the lump sum interest rate applicable for May. Document Excerpt The immediate interest rate for valuing lump sum payments for the month of May 2011 is 2.50%. The deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for April 2011 was 2.50% for […]

IRS Reminder–Not All 403(b) Errors can be corrected under VCP

The IRS reminds taxpayers that not all errors under a Section 403(b) arrangement are eligible to be corrected using VCP. Document Excerpt Recently, we have received several Voluntary Correction Program submissions for 403(b) retirement plan failures that are currently ineligible for correction through VCP. Ineligible submissions include cases where: Link http://www.irs.gov/retirement/article/0,,id=237495,00.html

Corporate Bond Weighted Average Interest Rate

The IRS has released updated guidance regarding the corporate bond weighted average interest rate and the permissible range of interest rates specified under Section 412(b)(5)(B)(ii)(II) as in effect for plan years beginning before 2008. The guidance also provides guidance on the corporate bond monthly yield curve and the 24-month average segment rates under Section 430(h)(2). […]

Affordable Care Act FAQs Implementation Part VI

The DOL has issued Part VI of frequently asked questions regarding implementing the Affordable Care Act.  Document Excerpt Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of the market reform provisions of the Affordable Care Act. These FAQs have been prepared jointly by the Departments of Health and Human Services (HHS), Labor […]

Guidance for Tax-Exempt Organizations Participating in MSSP

Notice 2011-20 addresses the application of Section 501(c)(3) to tax-exempt organizations participating in the Medicare Shared Savings Program (MSSP) through an accountable care organization (ACO) as described in the Affordable Care Act and solicits comments. Document Excerpt To avoid adverse tax consequences, the tax-exempt organization must ensurethat its participation in the MSSP through an ACO […]

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